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FASB proposes revenue ASU on licensing and identifying performance obligations

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

12 May 2015

The FASB has issued proposed ASU, 'Identifying Performance Obligations and Licensing', that would amend certain aspects of the Board’s May 2014 revenue standard, specifically the guidance on identifying performance obligations and the implementation guidance on licensing.

The amendments are being made in response to feedback received by the IASB–FASB joint revenue recognition transition resource group (TRG), which was formed to address potential issues associated with the implementation of ASU 2014-09.

Comments on the proposed ASU are due by 30 June 2015.

The IASB intends to issue a separate exposure draft, Clarifications to IFRS 15 Revenue From Contracts With Customers: Issues Emerging From TRG Discussions, in the late second quarter of 2015. 

For more information, see the proposed ASU on the FASB’s website.

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